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An Economic Theory of Self-Control
Open accessAbstract
Although many economists, most notably Strotz, have discussed dynamic inconsistency and precommitment, none have dealt directly with the essence of the problem: self-control.This paper attempts to fill that gap by modeling man as an organization.The Strotz model is recast to include the control features missing in his formulation.The organizational analogy permits us to draw on the theory of agency.We thus relate the individual's control problems with those that exist in agency relationships.
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Cites
Determinants of corporate borrowing
Myers, S. C. (1977) · Journal of Financial Economics · doi:10.1016/0304-405x(77)90015-0 · Cited by 13,169
Individual discount rates and the purchase and utilization of energy-using durables
Hausman, J. A. (1979) · The Bell Journal of Economics · doi:10.2307/3003318 · Cited by 1,372
Cited by
The Framing of Decisions and the Psychology of Choice
Tversky, A., & Kahneman, D. (1981) · Science · doi:10.1126/science.7455683 · Cited by 18,497
The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence
SHEFRIN, H., & STATMAN, M. (1985) · The Journal of Finance · doi:10.1111/j.1540-6261.1985.tb05002.x · Cited by 3,553
Self-citationMental Accounting and Consumer Choice
Thaler, R. H. (2008) · Marketing Science · doi:10.1287/mksc.1070.0330 · Cited by 3,415
Self-citationPsychology and Economics: Evidence from the Field
DellaVigna, S. (2009) · Journal of Economic Literature · doi:10.1257/jel.47.2.315 · Cited by 2,365
Investor Psychology and Asset Pricing
(2001) · The Journal of Finance · doi:10.1111/0022-1082.00379 · Cited by 2,357
Metadata
- Authors
- Shefrin, H., & Thaler, R.
- Venue
- National Bureau of Economic Research
- Publisher
- National Bureau of Economic Research
- Published
- 1977-10
- OpenAlex
- W2890473091
- Cited by
- 1,575
- References
- 2
- Type
- report
- Language
- en
- Open access
- green
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